SRINAGAR, JUNE 05: Dispelling all previous notions, Chief Secretary Dr. Arun Kumar Mehta stated that J&K is quickly becoming an investment hub, with people eager to establish business units in the UT.
Dr. Mehta made these remarks during a meeting called to discuss the deliverables set for the I&C Department for the fiscal year 2023-24.
Dr Mehta urged the officers to serve as facilitators for all applicants seeking to establish business units in J&K. He asked them to be the sole point of contact for these entrepreneurs so that they can quickly establish their units under the Single Window System (SWS) designed for their convenience.
The meeting informed that a total of 5327 applications/investment proposals have been received under the New Industrial Policy (NIP), 2021, with an estimated investment of Rs 66,000 Cr to be made here in the UT.
The meeting was also informed that under the NIP, investments worth approximately Rs 2200 Cr have been made in J&K until the previous fiscal year 2022-23. These units have recently gone into production, creating jobs for nearly 10,000 youth.
Furthermore, it was revealed that the current fiscal year 2023-24 is proving to be a successful year in terms of actual investments made on the ground. It was revealed that the work started on industrial units has so far totaled nearly Rs 5500 Cr. Many more youth will be employed by these units in the coming months.
Similarly, the Industries Department has allotted land to 1854 units, with 854 having paid the premium. In addition, 560 units have signed lease agreements and taken possession of the land allotted for the start of construction on their units, as required by the NIP.
The LG Administration’s actions, such as the Business Reform Action Plan, Ease of Doing Business (BRAP-EoDB), have contributed to the success, with 352 BRAP points completed and 3188 burden compliances reduced.
It also entails providing 167 services from 18 departments through a single portal for seamless services to prospective investors, in addition to developing new Industrial Estates and improving existing infrastructure.
It is worth noting that Jammu and Kashmir received its first Foreign Direct Investment last year, when Lieutenant Governor Manoj Sinha laid the foundation stone for a mall to be built by Dubai’s Emaar Group in Srinagar.
All of these innovative steps, combined with peace, progress, accountability, and transparency, are increasing investor confidence and positioning J&K as an ideal investment destination in the country.
The meeting was attended by Principal Secretary Industries & Commerce; Director General, Industries, Jammu; Director, Industries, Kashmir besides other officers of the concerned Department.
